Copper.co, the UK-based provider of digital asset custody and prime services for institutional clients, is to streamline its business following what it describes as “the present challenging conditions in the digital assets space, an uncertain U.S. regulatory environment and a desire to focus on strategic offerings”. As a result, it has initiated a redundancy process.
The action follows State Street’s decision to end its agreement with Copper. State Street said: “Over the past few years, State Street has built a knowledgeable and experienced team within State Street Digital and engaged with a number of vendors and partners, including Copper. This experience, as well as feedback from our clients on their aspirations in the digital space, has reinforced our focus towards the creation of a multi-faceted solution for both tokenized securities as well as native tokens. In addition, the regulatory environment for digital assets has continued to evolve, as have the requirements for servicing this asset class. As a result, State Street and Copper have mutually decided to end their licensing agreement and both companies will continue to build on their digital strategies within their own respective product development approaches.”